Bakkt Announces Acquisition Of Digital Asset Custody Company

by | Apr 30, 2019 | Cryptocurrency, Cryptocurrency News

Bakkt |Digital Asset Custody Company | ICE

Bakkt, the institutional cryptocurrency trading platform by Intercontinental Exchange (ICE), announced on April 29, that it has ?cquired a crypto custodian service. The blog post elaborated over a number of new measures taken by the firm in order to stimulate regulatory feedback, including the acquisition of Digital Asset Custody Company (DACC).

Former Coinbase exec and new Bakkt COO Adam White stated in the blog post that the entire DACC team will also be joining Bakkt; even though DACC’s native support of 13 blockchains and 100+ assets is designed to “serve as an important accelerator.”

White further reveals that Bakkt has filed an application with the New York Department of Financial Services to operate as a trust company. Upon approval, the firm will be able to serve as a Qualified Custodian for digital assets.

Bakkt’s specific plan is to launch physically-delivered bitcoin (BTC) futures, with contracts set to be traded on ICE Futures US (IFUS) and cleared on ICE Clear US (ICUS), a federally regulated exchange and clearinghouse regulated by the United StatesCommodity Futures Trading Commission (CFTC).

The operator of 23 major global exchanges, including the New York Stock Exchange, ICE announced the launch of Bakkt in August 2018, a  Microsoft cloud-powered “open and regulated, global ecosystem for digital assets”. Bakkt initial plan of launching in January 2019 pushed due to the ongoing consultations with the U.S. CFTC. In early February, ICE CEO Jeff Sprecher declared that he expects Bakkt to launch later in 2019.

Read more: Canadian Regulator Introduces New Rules for Crypto Mining

Image Source – Bakkt Twitter

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